The Evil of Market Pricing!

Whenever people use the phrase market pricing to me, I want to batter them round the head with something large and heavy.

Why?

Because it’s evil.Why it is evil?

Because it presupposes so many things, and none of them are actually true... but they're all damaging to your business.

And by far the most evil thing it presupposes is external factors somehow determine your prices. They don’t. Your prices are determined by the value your prospects, customers and clients see in what you do. And that, ultimately is something you decide by the way you choose to present yourself.

A few years ago now I was consulting with a client when I was back in England. She was a life-coach, and I was talking to her about how she set her prices. She seemed amazed I correctly "guessed" she'd set her own fees by looking at the highest and lowest fee-earners in her market, and choosing something around the middle.

This wasn't rocket science, psychic tomfoolery or even a lucky guess: no, it's what practically everyone does – market pricing.

In fact, I was slightly wide of the mark and things were even worse: she told me she'd actually positioned herself nearer the bottom of the market (is it just me or is there tremendous irony in a life coach not having the self-esteem to charge high fees?).

This is a Huge Mistake!

It's no good to you to offer the very best products and services unless your prospects actually perceive that to be true.

And from this it naturally follows your prices are determined by the “market” if and only if you’re perceived as the same as your competitors by the market. And that, I'm afraid, is entirely up to you. You determine your own value in the eyes of your market with your marketing messages.

Market pricing really is a choice, and a bad one at that.

It really is that simple.

The second thing we can take from this lesson is if you're "stuck" with market pricing, then...

You Have No Imagination

If you want to rise above market pricing, you've got to be better, too. And while that's pretty much always simple, it's not necessarily easy, because means working harder than your competitors.

The place to start is always with your clients. Rather than just trying to sell them stuff, figure out ways of serving them so much better than everyone else.

What really annoys people in your industry? Slow delivery? Lost orders? What? We all know plumbers don't turn up, builders take 6 months to complete a 3-month project, delivery men don't deliver and car salesmen sell us lemons and hide from us when we come back to complain.

So find out, and then make a big song and dance about how you won't do it.

In my business, for example, I offer a "concierge" service, which is something no other copywriter or marketer I know does.

I end up doing all sorts of things way outside my business area because my aim is to take care of my clients; really take care of them.

And because I do this, they never question my fees, and wouldn't go anywhere else even if they weren't so dependent on me.

Consequently, market pricing is something that has no place or meaning in my business. I suggest you take the same line in your business, too.

Next Steps...

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